Brian Bares
Bares Capital Management · SEC CIK 1340807
Concentrated small cap quality.
This filing is 340 days old. Bares Capital Management keeps roughly 80% of its positions in a typical quarter, so about 44% of this book is likely still intact today.
How half-life is computedSnapshot half-life is the number of days after the period end at which half of this specific fund's reported book is expected to have changed, measured from its own past filings. It is a decay estimate, not knowledge of current positions.
Largest holdings, as filed
Top 10 of 24 positions. Weights are against the whole filed book. 13F filings cover US-listed holdings only.
| Company | Ticker | Value | % of book | Freshness |
|---|---|---|---|---|
| Pegasystems Inc | PEGA | $194.37M | 17.9% | |
| Block Inc | XYZ | $143.95M | 13.3% | |
| Workday Inc. | WDAY | $142.93M | 13.2% | |
| Interactive Brokers Group Inc | IBKR | $141.79M | 13.1% | |
| CoStar Group | CSGP | $103.46M | 9.5% | |
| Etsy Inc | ETSY | $94.66M | 8.7% | |
| Align Technology Inc. | ALGN | $76.35M | 7.0% | |
| Wayfair Inc | W | $60.07M | 5.5% | |
| Medpace Holdings, Inc. | MEDP | $57.33M | 5.3% | |
| Globus Medical Inc Class A | GMED | $29.85M | 2.8% |
Freshness: how likely each position is still held today, from this fund's own turnover history, each position's tenure and the filing's age. Hover a bar for the numbers. Method.
What changed last quarter
Between Q2 2025 and Q3 2025, the largest add was WDAY (shares up 11%), now $142.93M; the largest trim was PEGA (shares down 5%). All of it computed from the two filings, nothing inferred.
Biggest buys, Q3 2025
Exited since Q2 2025
None of the previous quarter's 40 largest positions disappeared from the latest filing.
Exit scan covers the previous quarter's 40 largest positions, a stated bound, because reading a mega fund's entire book per page render is not honest engineering.
Common questions
What are Brian Bares's biggest holdings?
As of the Q3 2025 13F, the largest reported positions at Bares Capital Management are PEGA (17.9% of the book), XYZ (13.3% of the book), WDAY (13.2% of the book).
How big is Bares Capital Management's portfolio?
The latest 13F reports $1.08B across 24 US-listed positions. 13F filings cover US-listed holdings only, so non-US positions and shorts are not included.
Does Brian Bares still hold these positions?
Unknown for certain: a 13F may be filed up to 45 days after quarter end. Based on Bares Capital Management's own filing history, the fund keeps roughly 80% of positions in a typical quarter, so at 340 days since the period end roughly 44% of this book is likely intact. The snapshot half-life for this fund is about 286 days.
What did Brian Bares buy and sell last quarter?
Between Q2 2025 and Q3 2025, the largest add was WDAY (shares up 11%), now $142.93M; the largest trim was PEGA (shares down 5%). All of it computed from the two filings, nothing inferred.
Funds with overlapping books
Inside the app: the full book for Bares Capital Management, quarter on quarter buys and sells, consensus across 140+ funds and copy-to-watchlist.
Source: SEC EDGAR 13F filings. Values are as filed and cover US-listed positions only. A 13F may be filed up to 45 days after the quarter ends, so positions can change before the filing is even public; the freshness figures above quantify that lag instead of hiding it. Educational information, not financial advice.